IRDA Notifications

Summary of Important IRDAI notifications – July to October 2021

Corporate Law - REGULATORY UPDATES -A GIST OF IMPORTANT CIRCULARS/NOTIFICATIONS/GUIDELINES ISSUED BY THE AUTHORITY (IRDAI). Submitted, for information, the supervisory/ regulatory directions from IRDAI from 1st July 2021 to 31st October, 2021 . The Authority has issued certain Regulations/Guidelines/Circulars on issues as listed below: 1. Standards and B...

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Regulatory Updates (Insurance)- April 2021

Corporate Law - INSURANCE REGULATORY UPDATES –MAY, 2021 The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government the previous month ( April 2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI through Circular No. IRDAI/ACT/CIR/MISC/070/04/2021 dated 1st Apr...

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IRDAI Regulatory Updates –For Quarter Ended 31st March 2021

Corporate Law - The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government and IRDAI in the previous quarter ended on (31st March 2021) is being published in this bulletin. 1. IRDAI has issued Circular No. IRDA/ACT/CIR/MISC/001/01/2021 dated 1st January,2021 for providing clarification on I...

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Four changes applicable from 1st August, 2020

Corporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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Draft IRDAI (Insurance Information Bureau of India) Regulations, 2021

Corporate Law - Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021 In exercise of the powers conferred by clauses (e) and (f) of sub section (2) of section 14 of Insurance Regulatory and Development Authority...

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Health Insurance policy – FAQs

Corporate Law - Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...

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FM meets heads of insurance companies for faster claim settlement

Corporate Law - Ministry of Finance Finance Minister Smt Nirmala Sitharaman meets heads of insurance companies for faster claim settlement FM emphasizes for streamlining  process and documentation requirements under the schemes for enabling speedy claims  disbursement Under PMJJBY1.2 lakh claims ofRs. 2,403 crore paid with disposal rate of 99% since 1s...

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Availability and Renewal of Standard Corona specific products

Corporate Law - The Authority is in receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies. In this regard, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy vide guidelines dated 26.06.2020....

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Discussion paper on Increasing General Insurance penetration in rural areas

Corporate Law - A discussion paper on 'Increasing General Insurance penetration in rural areas with special focus on agriculture and allied activities through the concept of a Model Insured Village' has been issued by the Authority....

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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IRDAI cautioned SLA for not sending reminders to insured for delay in document submission

Ref. No: IRDA/ENF/ORD/ONS/283/11/2021 - (12/11/2021) - Post personal hearing, the SLA submitted some documents in support of their submission that they are sending regular reminders to the insured in case there is delay on the part of the insured  in the submission of documents. However major portion of the documents are not related to the sample clai...

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A corporate group can avail only single broking registration: IRDAI

Order No.IRDAI/INT/ORD/MISC/269/10/2021 - (09/11/2021) - Reg.37(1) of the Regulations, which provides for ‘grant of single broking registration to one corporate group’. In terms of the above Regulations, one corporate group shall be given only one certificate of registration in the same category of broker. Therefore, multiple broking entities ...

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Maintenance of Current Accounts in multiple banks by Insurers

Circular No. IRDAI/F&A/CIR/MISC/262/10/2021 - (05/10/2021) - Insurers maintain separate current accounts with banks at different operational levels, i.e., Branch offices, Controlling offices, Corporate office, etc., for the purpose of premium collection, management expenses, policy payments, investment operations, etc. Maintenance of current accounts at diffe...

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IRDA penalises Safeway Insurance Brokers for violation of Regulations

Circular No. IRDA/ENF/ORD/ONS/ 260/10 /2021 - (04/10/2021) - The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc....

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IRDA declines renewal request of Vision Digital Insurance TPA

Circulars No. IRDAI/HLT/ORD/MISC/259/10/2021 - (04/10/2021) - TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also...

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Recent Posts in "IRDA Notifications"

IRDAI cautioned SLA for not sending reminders to insured for delay in document submission

Ref. No: IRDA/ENF/ORD/ONS/283/11/2021 12/11/2021

Post personal hearing, the SLA submitted some documents in support of their submission that they are sending regular reminders to the insured in case there is delay on the part of the insured  in the submission of documents. However major portion of the documents are not related to the sample claims indicated under the observation. Furt...

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A corporate group can avail only single broking registration: IRDAI

Order No.IRDAI/INT/ORD/MISC/269/10/2021 09/11/2021

Reg.37(1) of the Regulations, which provides for ‘grant of single broking registration to one corporate group’. In terms of the above Regulations, one corporate group shall be given only one certificate of registration in the same category of broker. Therefore, multiple broking entities in the same group for carrying out simil...

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Summary of Important IRDAI notifications – July to October 2021

REGULATORY UPDATES -A GIST OF IMPORTANT CIRCULARS/NOTIFICATIONS/GUIDELINES ISSUED BY THE AUTHORITY (IRDAI). Submitted, for information, the supervisory/ regulatory directions from IRDAI from 1st July 2021 to 31st October, 2021 . The Authority has issued certain Regulations/Guidelines/Circulars on issues as listed below: 1. Standards and B...

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Posted Under: Corporate Law |

Maintenance of Current Accounts in multiple banks by Insurers

Circular No. IRDAI/F&A/CIR/MISC/262/10/2021 05/10/2021

Insurers maintain separate current accounts with banks at different operational levels, i.e., Branch offices, Controlling offices, Corporate office, etc., for the purpose of premium collection, management expenses, policy payments, investment operations, etc. Maintenance of current accounts at different operational levels for specific pur...

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IRDA penalises Safeway Insurance Brokers for violation of Regulations

Circular No. IRDA/ENF/ORD/ONS/ 260/10 /2021 04/10/2021

The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc....

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IRDA declines renewal request of Vision Digital Insurance TPA

Circulars No. IRDAI/HLT/ORD/MISC/259/10/2021 04/10/2021

TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also observed that on an average basis for t...

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IRDAI: Public Disclosures by Insurers

Ref. No: IRDAI/F&A/CIR/MISC/256/09/2021 30/09/2021

Insurers may note that the revised instructions shall come into effect from the financial year 2021-22 and the uploading of disclosures on website shall be on quarterly basis from the period ending 30th September, 2021 whereas publishing in Newspapers will be on half yearly basis from the period ending 30th September, 2021....

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IRDA approves Preference & Equity Shares as approved investment subject to dividend

REF: IRDAUF8t1/CIR/INV/255/09/2021 27/09/2021

IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as part of Approved Investment of for at least 2 consecutive years immediately preceding (as required under Regulation 3(a)(4) and 3(a)(S) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2021 to 31st March, 2022....

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IRDA penalises Surveyor company for engaging unlicensed surveyor

No.  IRDA/ENF/ORD/ONS/ 254/09/2021 20/09/2021

Survey either engaging unlicensed surveyor or surveyors who are not holding license in relevant areas of risk. Provision: Regulation 12(1) and Regulation 16(5) under Chapter VI (Code of Conduct) of IRDAI Insurance Surveyor and Loss Assessors) Regulations, 2015....

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IRDA imposes penalty on Surveyors for Undertaking survey not in commensurate with resources

Orders No. IRDA/ENF/ORD/ONS/252/09/2021 20/09/2021

Charge: Undertaking survey not in commensurate with their resources. Provision: Regulation 4(15) (4) and 12(1) of IRDAI (Insurance Surveyors & Loss Assessors) Regulations, 2015...

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